- A Solana whale accumulated 195,000 SOL during a market dip, boosting investor confidence.
- The whale withdrew $23.2 million worth of SOL from major exchanges, reducing supply.
- SOL price increased by 3% and traded at $123 after the large-scale purchase.
A major Solana whale accumulated 195,000 SOL coins amid a market dip, signaling confidence in the asset’s future. On-chain data revealed that $23.2 million worth of SOL was withdrawn from major exchanges, including Bybit, OKX, and Gateio. This move sparked bullish sentiment among investors, with many anticipating a price surge toward $150.
Massive SOL Accumulation Sparks Optimism
Solana’s price action showed strength as a whale made a significant purchase during a downturn. The transaction, tracked by Lookonchain, indicated that the coins were acquired within 24 hours. This accumulation reduced the token’s availability on exchanges, influencing market dynamics positively.
Large-scale buying amid a bearish trend often suggests confidence in an asset’s potential recovery. Investors interpreted this as a strategic ‘buy-the-dip’ move, potentially setting the stage for a rebound. The market responded with increased optimism, reflecting renewed interest in Solana’s long-term trajectory.
SOL traded at $123 at press time, registering a 3% price increase within 24 hours. The coin fluctuated between $113.19 and $131.24 during this period. Analysts suggested that continued buying pressure could push SOL above $150 in the near term.
Solana Whale’s ‘Buy-The-Dip’ Plan
The broader cryptocurrency market faced downward pressure due to macroeconomic uncertainties. Fueled by trade policy concerns, the likelihood of a U.S. recession rose to 40%. As a result, risk assets, including Bitcoin and altcoins, witnessed a decline.
Bitcoin dropped below $80,000, touching a multi-month low of $76,000 on Tuesday. Altcoins, including Solana, mirrored Bitcoin’s movement, experiencing temporary sell-offs. However, the whale’s decision to accumulate SOL signaled confidence, potentially reversing bearish sentiment.
Another significant development came from ‘Cumberland DRW,’ which staked 48,182 SOL worth $5.72 million. This staking activity, combined with the whale’s purchase, reduced the circulating supply. A lower supply on exchanges often strengthens bullish momentum, increasing the chances of an upward price trend.
Bullish Projections for SOL Price
Market experts weighed in on Solana’s potential for further price appreciation. Analyst ‘Coinvo’ suggested that SOL mirrored its 2021 pattern, hinting at a possible breakout. Historical analysis indicated that past accumulation phases led to significant rallies.
Similarly, ‘Lucky,’ a Bitcoin analyst, pointed out that SOL had strong support between $110 and $127. The trader noted that minimal market movement could trigger a rise above $150. The combination of whale activity and strategic staking bolstered confidence in these projections.
Investors closely monitored SOL’s trading range, anticipating higher price levels. The asset’s increasing demand and reduced exchange supply added credibility to bullish forecasts. If buying pressure continues, Solana could surpass $150, marking a significant milestone in its recovery.